Improving product durability and reparability can save natural resources and money for consumers but may not always be in the best interest of all manufacturers. With the emergence of the circular economy as an important policy objective in the European Union (EU), there is renewed interest in...

The paper introduces a new simulation model of market dynamics by integrating several concepts of evolutionary economics. In the course of market evolution various changes take place of which the emergence of consumers' preferences and of the knowledge that is needed to meet these preferences...